Stratasys and Desktop Metal receive second information request from DOJ’s Antitrust Division
Stratasys and Desktop Metal Have received a request from the Antitrust Division of United States Department of Justice, in connection to the merger agreement between two companies.
A filing with the United States Securities and Exchange Commission (SEC) detailed that on August 18, 2023, the companies received the request for additional information, also known as a “second request”, from the DOJ under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976.
According to the Federal Trade Commision (FTC), if the FTC or DOJ seeks additional information through a second request, then by law the firms are forbid from consummating a transaction until the companies have “substantially complied” with the additional investigatory request.
The filing stated the issuance of a second request would extend the waiting period imposed under the HSR Act to 30 days following Stratasys’ and Desktop Metal’s substantial compliance, unless the DOJ terminates the period for review earlier.
After rejecting several takeover attempts by Nano Dimension, Stratasys has announced that it has entered into an agreement to merge with Desktop Metal in a deal valued at 1.8 billion dollars on May 25, 2023. 3D Systems tried to acquire Stratasys a little over a week afterwards, but was rejected.
After a second bid was rejected, a third bid from 3D Systems on July 13 would see Stratasys enter discussions with the company, despite the Desktop Metal merger agreement, and say that the new offer would “reasonably be expected” to result in a “superior proposal” to the Desktop Metal merger.
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